Maguire Investments has announced that it has recapitalised Water’s Edge, its 6.5 acre, two-building “creative office campus” in Los Angeles with a $105 million loan.
The funds are earmarked for tenant improvements as well as commissions for new leases on available space. The financing was arranged for the company by Rob Verrone of New York’s Iron Hound Management.
The company has also announced that Jones Lang LaSalle has been retained to assist with leasing at Water’s Edge. The team will be headed by Chris Strickfaden, Anthony Gatti, Brian Niehaus and Jaclyn Ward.
Current tenants at Water’s Edge include Luxury Link, an online travel service, video game developer Electronic Arts, LA Fitness, and the X Prize Foundation.
In January the Los Angeles Times reported that Electronic Arts had renewed its 125,000 sq ft lease in a deal worth approximately $35 million.
The word “creative” is used to describe the company’s tenants as well as its use of office space. The buildings feature taller than usual ceiling heights, open floor plans, concrete floors, and exposed ceilings.
The goal is to offer tenants a space that will encourage sharing of ideas among team members. The company is looking to appeal to the “Silicon Beach demographic.”
The Water’s Edge Complex is located near the 350-acre Ballona Preserve, one of the area’s largest remaining wetlands. Onsite amenities for tenants include LA Fitness (with sand volleyball and full court basketball), a soccer field, and a café. Next up for the complex is an outdoor swimming pool, which will open this summer.
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